Global Pet Insurance Market: Strong Growth Potential

Date9/23/2020 11:43:31 AM
The remarkable rise in the pet proprietorship is additionally a factor that is driving the requirement for pet protection approaches as pet proprietors are happy to spend on their pet's wellbeing and government assistance with less consumption on veterinary bills. In this manner, the pet insurance market is extended to flourish at present and later on attributable to the rising number of people owning pets along with the growing awareness about pet’s health.

According to the NAPHIA statistics, the total premium volume for NAPHIA members in the United States was US$1.03 billion in 2017 which represented 23.2 per cent growth over the prior year while the direct premium accounted for approximately US$640 billion during the same year. According to a survey conducted by the American Pet Products Association (APPA), nearly 68 per cent of U.S. households owned at least one pet including dog, cat, or other. The figure below represents the number of total insured pets in the United States for the period 2013-17.

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